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PMAY Scheme


Not everyone can afford to own a home, recognizing the aspirations of such people, Prime Minister Narendra Modi announced a scheme known as the Pradhan Mantri Awas Yojanaor the PMAY Scheme. Under this scheme, central government has offered a subsidy of 2.43 Lacs to qualifying families. This scheme comes with a brave vision of providing affordable housing solutions to all Indians.

What is the eligibility criteria for the PMAY subsidy?

    1. The purchaser and their family should not have another house under their name
    2. Annual household income must not exceed Lacs. A “Household” is defined as 'a husband, a wife and any unmarried children'
    3. The house should be purchased on joint registrations of husband, wife, or on just the name of the wife
    4. The scheme can be used to purchase only one unit per family
    5. The subsidy will always be paid via the housing loan provider


What is the eligibility criteria for the PMAY subsidy? Documents required for the subsidy are:

    1. Simple undertaking that states, the individual has no house in his/her name as well as his marital status
    2. Declaration stating that the household income is below 18 Lacs per annum
    3. Aadhar card or Voter’s ID card or PAN card.


II am single, can I still benefit from PMAY?

Yes, you may apply for the PMAY subsidy if you are single, however there are a few criteria: Unmarried men can make use of the PMAY subsidy if their mother is the co-applicant; Unmarried women can't apply for the PMAY subsidy.


Can I still get PMAY if I am not applying for a LOAN?

In order to get PMAY subsidy, you must successfully qualify for a home loan


Will I get the subsidy directly from the government?

The entire subsidy will be given upfront to the housing finance company. This will result in a reduction in the housing loan amount and, consequently, the EMI will also reduce.


Am I eligible for PMAY if I have a house in my native place or village?

If the roof of your village house is not made of concrete, it is not considered a ‘pakka’ house. You will still qualify for the housing subsidy


How can I apply for PMAY?

STEP 1 : Book a flat and apply for a housing loan
STEP 2 : Bank sanctions your loan
STEP 3 : Registration of the agreement
STEP 4 : The housing finance company/bank submits the claim of the subsidy to National Housing Bank
STEP 5 : National Housing Bank transfers the amount to your bank
STEP 6 : Bank deposits the subsidy to your loan account
STEP 7 : Loan reduces to the extent of the subsidy received and the reduced EMI is set.


How long does it take to receive the 2.43 Lacs Subsidy?

The bank will receive the subsidy within 3 months of the application


Is PMAY applicable to widows or divorcees?

Yes, both widows as well as divorcees can apply


Is there an age limit to avail PMAY?

There is no age limit to avail PMAY, but you should be eligible for a home loan


For more details, visit: http://www.pradhanmantriyojana.co.in/pm-awas-yojana/

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